The proposed Gebhardt Development apartment complex, as summarized to the Village Board by Windsor Village Deputy Administrator and Director of Economic Development Jamie Rybarczyk, would include a single apartment building south of Gray Road (shown vertically on left) with an adjacent plot dedicated to a conservancy area.
The proposed Gebhardt Development apartment complex, as summarized to the Village Board by Windsor Village Deputy Administrator and Director of Economic Development Jamie Rybarczyk, would include a single apartment building south of Gray Road (shown vertically on left) with an adjacent plot dedicated to a conservancy area.
Madison-based Gebhardt Development has received an extension from the Windsor Village Board, renewing the conditions on its apartment project approval for a year.
In the Windsor Village Board’s March 2 meeting the board addressed a request from the developer citing construction costs, supply chain issues, and interest rates as reasons that it would not be financially feasible to meet the deadline of beginning construction by the previous deadline of May 31 of this year.
In a letter to the board, Gebhardt Vice President of Operations Michael Carter explained that the company was committed to the plan of building a 122-unit multi-family residential complex at the intersection of Gray Road and Lake Road.
“We are disappointed that we have not been able to commence construction, however we are starting to see some loosening in costs and anticipate this trend will continue throughout 2023,” Carter wrote. “As you may be aware current construction market conditions have posed some significant financial strains on multi-family projects. In addition to these construction costs, interest rates, and continued supply chain issues are fueling increases in project costs.”
The project had previously been approved in the Windsor Plan Commission on Aug. 12, 2021 and by the Village Board on Sept. 2, 2021.
